Hyderabad, Sept 2 (UNI) International Institute of Information Technology (IIIT) Technology Venture Partners invested an amount of Rs 20 lakhs in DaveAI - a Bengaluru based AI sales augmentation platform for enterprises used by brands to create sales experiences on the web, VR, and AR.
The startup, founded in 2016 by Dr Ananthakrishnan Gopal, Ashok Balasundaram and Sriram P H, has also received funding from Mumbai Angels, and participation from GHVAccelerator and Mohan Kumar - CEO of Crestere Technologies LLP, a statement here said on Wednesday.
Co-Founder and Partner at IIIT Technology Venture Partners, Viveck Verma said, "We are very happy to jointly invest along with Mumbai Angels and GHV Accelerators in Dave.AI as we see them playing a critical role in the new world where the retail industry will transform completely and companies like Dave.AI will be a game-changer.
Their intersection of retail understanding and application of technology will make this an unmatched offering. We at IIIT Technology Partners are looking forward to working with Sriram and the team to support them through our industry connections, mentoring and the unique value IIIT Hyderabad brings through their faculty and knowledge in leading technologies", Mr Varma said.
IIIT Technology Venture Partners has also invested Rs 20 lakhs in Stack Finance, a startup founded by Smriti Tomar, that enables a healthier financial lifestyle by automating investments, expenses, and borrowing under a single platform along with friends and family, an AI-powered intelligent and personalized manager. The platform helps people to save, meet bills, end the overspending cycle, and develop financial IQ, right at their fingertips.
"Our fund’s philosophy has been to support aspiring startups that are solving common issues on a large-scale using technology. Stack finance is a perfect fit in for us, as they are one of the pioneers to leverage RBI’s AA framework with deeptech solutions to help millennials meet their financial goals”, said Ajay Jain, Founding Partner, IIITH Seed Fund.
IIIT Technology Venture Partners is one of its kind funds, initiated by first-in-the-world coming together of an educational institute and private investors to create a funding mechanism which intersects with Technology knowledge from IIIT and Mentoring and Industry connects through Investors and Partners.
The fund focuses on investing in early-stage startups at Seed stage which has technology as a major element or an enabling element. The fund initiative has been actively making investments in early-stage startups for the past several years, the statement added.
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